Firm gains have quickly developed in most live cattle trade as traders focus on additional commercial buyer support moving back into the complex. This may add even more support to the entire complex. Lean hog futures are under firm pressure Wednesday morning. Corn markets are lower in light trade. December corn futures are 1/2 cent lower. Stock markets are higher in light trade. The Dow Jones is 67 points higher while Nasdaq is up 25 points.
LIVE CATTLE:
Aggressive buyer support is moving back into the live cattle complex. This has pushed December futures $1.05 per cwt higher with October contracts holding an 80 cent gain. The recent moves have pushed prices above $113 per cwt in front-month futures and $118 per cwt in December contracts. Although buyer volume remains limited through the morning with very little directional shifts likely to be seen through the end of the week. Cash cattle markets remain undeveloped, although bids are becoming more available. Live bids are seen at $109 to $110 per cwt while live bids are seen at $173 per cwt. Asking prices are developing at $113 to $114 live basis while dressed bids are seen at $178 per cwt. It is likely that active trade may be delayed until Thursday or Friday. Boxed Beef cut-outs at midday are lower, $1.69 lower (select) and down $0.37 per cwt (choice) with light movement of 76 total loads reported (27 loads of choice cuts, 19 loads of select cuts, 15 loads of trimmings, 15 loads of ground beef).
FEEDER CATTLE:
Firm gains have held in all but front-month September contacts. September futures are holding a narrow 7 cent per cwt loss. The rest of the complex is steady to 75 cents per cwt higher following the renewed support which is developing in the live cattle complex. There may be some additional underlying support seen through the end of the week with traders focusing on the potential to rekindle a bullish market trend through the end of the month and into early October.
LEAN HOGS:
Light to moderate pressure as seen in most lean hog futures Wednesday morning. Front month October futures are holding a 10 cent per cwt gain, in limited trade, while the rest of the complex remains under moderate to firm pressure with losses or 60 to 90 cents per cwt. There is expected to be some additional market uncertainty through the rest of the session, but current market pressure is likely to hold in most contract months. Cash prices are higher on the National Direct morning cash hog report. The weighted average price is $0.23 higher at $62.96 per cwt with the range from $60.00 to $63.50 on 8,270 head reported sold. Cash prices are lower on the Iowa/Minnesota Direct morning cash hog report. The weighted average price is $0.18 lower at $63.11 per cwt with the range from $60.00 to $63.50 on 2,890 head reported sold. The National Pork Plant Report posted 179 loads selling on the morning report. Pork carcass values added $0.02 per cwt at $80.47 per cwt. Lean hog index for 9/24 is at $62.05 up 1.20 with a projected two-day index of 63.75, up 1.70.
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